CD Rate Proves Very Attractive
MELBOURNE, Fla.-Space Coast Credit Union here had to cut short a certificate offering when response proved to be too strong. The $1.3-billion CU was seeking $20 million in deposits with a seven-month CD paying 6% APY. SCCU had projected it would take two weeks to obtain the funds; instead, the response was so strong on day one that it cut off any new funds. Members who didn't get the special rate could get CDs with a 4.5% rate.
Smigielski Gives 2-Years Notice
WALNUT CREEK, Calif.-Giving his two years notice, Tom Smigielski, CEO of Pacific Service Credit Union, has announced his retirement effective in December of 2007. The board has launched a CEO search, with a goal of having a successor on staff by July of 2006.
CUs Announce Mergers Along...
SCHENECTADY, N.Y.-First New York FCU has completed its merger with Saratoga Springs FCU. Saratoga Springs FCU had just 850 members and $4-million in assets; its facility is now a branch of the $175-million First New York, which is open to anyone in five counties.
In Wyomissing, Penn., meanwhile, New Visions Community FCU has been merged into Discovery FCU. The CU had 2,700 members and had sought out a merger. The former New Visions office will become a branch of DFCU.
And in Waukegan, Ill., two of the state's oldest CUs have merged: Consumers Cooperative CU and North Shore Gas CU. NSGCU's 1,533 members are now members of CCCU.
...With Several Name Changes
BIDDEFORD, Maine-Effective Feb. 1, the $105-million St. Joseph's Credit Union will change its name to PeoplesChoice Credit Union.
The credit union, which started 43 years ago to serve the parishioners of St. Joseph's Church, now serves all of York County, Maine. The credit union said it began the name change process two years ago and considered more than 4,000 names, before members voted from among three choices.
Other name changes that went into effect Jan. 1: Portland Teachers is now OnPoint Credit Union, and John Deere Community CU is now Veridian Credit Union.